The Federal Reserve has issued an interim final rule clarifying the treatment of uninsured U.S. branches and agencies of foreign banks under Section 716 of the Dodd-Frank Act ("Swaps Pushout Rule"). The interim final rule clarifies that, for purposes of the Swaps Pushout Rule, all uninsured U.S. branches and agencies of foreign banks are treated as insured depository institutions.
USA, Banking, Insolvency & Restructuring, Davis Polk & Wardwell LLP, Swap (finance), Depository institution, Credit default swap, Grandfather clause, Federal Reserve (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)